HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, broke ground on 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park. This is the biggest Concentrated Solar Power (CSP) investment project in the world, based on the Independent Power Producer (IPP) model, and will generate 700MW on a single site. It will have the world’s tallest solar tower at 260 metres, and the largest thermal energy storage capacity in the world. It will provide clean energy to 270,000 residences, reducing 1.4 million tonnes of carbon emissions annually. The project will use two technologies: a 600MW parabolic basin complex and a 100MW solar tower, over 43 square kilometres. This project, with AED14.2 billion in investments, achieved the lowest Levelised Cost of Electricity (LCOE) of USD 7.3 cents per kW/h.